August 15, 2014 / 1:15 PM / 3 years ago

Cliffs director resigns; miner must pay millions to former CEO

Aug 15 (Reuters) - One of Cliffs Natural Resources Inc’s few incumbent directors has stepped down and delivered a stinging resignation letter, filings showed on Friday, as the miner separately revealed it was on the hook for millions in payments to its former CEO and others in the wake of a proxy fight.

Timothy Sullivan was one of a minority of Cliffs directors re-elected after hedge fund Casablanca Capital triumphed in a proxy battle last month. In his letter, he said he had been looking forward to continuing at Cliffs, but after a first board meeting concluded he would not be able to adequately represent all shareholders. (Reporting by Allison Martell)

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